There's a chance that viewing iHeartMedia's first quarter earnings for 2020, due out this afternoon (May 7), will be like driving past an auto accident: a twisted, ugly mess from which you can't look away.

But if you're in the music business, you shouldn't look away no matter the results. The largest radio station in the U.S. demands your attention, simply due to its importance in breaking artists, showcasing stars and playing favorite oldies.

Things were looking up for iHeartRadio after last year's bankruptcy reorganization gave it financial breathing room and an improved balance sheet.

Originally, iHeartMedia's 2020 guidance was mid-single-digit revenue growth and high-single-digit EBITDA growth and a margin improvement from 27.2% in 2019

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